Jetapult acquires significant stake in Saudi-based UMX Studio

Gaming investment company Jetapult on Monday acquired a significant stake in Saudi-based UMX Studio in an all-cash deal worth $4.5 million. 

The Accel-backed company will provide capital to expand UMX’s portfolio, grow its audiences across global markets, and support new game development across genres. 

The investment also marks the company’s first deal in the Middle East and North Africa. Jetapult also plans further investments in markets like Southeast Asia and Europe. 

“Jetapult’s investment in UMX goes beyond providing capital; we bring a wealth of proven gaming expertise and cutting-edge technology to this partnership with an aim to enhance gaming experiences across the Middle East’s emerging development ecosystem,” said Sharan Tulsiani, Co-founder and CEO of Jetapult.

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Jetapult, co-founded by Sharan Tulsiani and Yash Baid, is backed by Accel Partners, Fireside, and JetSynthesys, among others. It has pledged $100 million to support game studios in Southeast Asia, MENA, Eastern Europe, and Latin America over the next five years. 

The investment follows exponential growth in the gaming and esports sector in the MENA region, with Saudi Arabia contributing to 39% of the Middle East’s gaming revenue, the company said, citing Sensor Tower, 2024 report. 

“This significant investment from Jetapult not only marks a milestone for UMX Studio but also heralds a new era for the Saudi Arabian gaming industry. We are thrilled to partner with a globally recognised leader in the gaming investments space. This collaboration will not only accelerate our expansion but also empower us with advanced tools and expertise,” said Ali Alharbi, Founder of UMX. 

UMX Studio was founded in 2014 and develops mobile games suitable for all ages that engage gameplay. Its games have seen over 70 million downloads to date and have consistently grown year-over-year.